Diamond Offshore Announces Results of Offer

Diamond Offshore Drilling, Inc. (NYSE:DO) announced the results of its offer to purchase its Zero Coupon Convertible Debentures due 2020 (the "Securities"). The holders' option to surrender their Securities for purchase expired at 5:00 p.m., New York City time, on June 6, 2005.

Diamond Offshore has been advised by the paying agent, JPMorgan Chase Bank, N.A., that $774,110,000 in aggregate principal amount at maturity of the Securities, which represents 96% of the outstanding Securities, were validly surrendered for purchase and not withdrawn. Diamond Offshore has purchased all of such Securities. The purchase price for the Securities was $594.25 per $1,000 principal amount at maturity. The aggregate purchase price for all of the Securities validly surrendered for purchase and not withdrawn was $460,014,867.50, which Diamond Offshore funded with cash on hand.


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